Visit vanguard.com or contact your broker to obtain a Vanguard ETF or fund prospectus which contains investment objectives, risks, charges, expenses, and other information; read and consider carefully before investing.

Vanguard ETF Shares are not redeemable with the issuing Fund other than in Creation Unit aggregations. Instead, investors must buy or sell Vanguard ETF Shares in the secondary market with the assistance of a stockbroker. In doing so, the investor may incur brokerage commissions and may pay more than net asset value when buying and receive less than net asset value when selling.

Investments in bond funds are subject to interest rate, credit, and inflation risk.

Diversification does not ensure a profit or protect against a loss in a declining market.

Stocks of companies in emerging markets are generally more risky than stocks of companies in developed countries.

An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although a money market fund seeks to preserve the value of your investment at $1 per share, it is possible to lose money by investing in such a fund.

All investing is subject to risk, including possible loss of principal.

Year-end is fast approaching, and based on web traffic it seems like the question of converting traditional IRA savings to Roth savings looms large. Congress has added to the buzz by allowing the conversion of certain pre-tax 401(k) money into … Read more

As I’ve discussed in prior blog posts, 401(k) account balances for many Americans have recovered as a result of better financial markets and ongoing contributions. In tandem, the debate over 401(k)s has shifted—to the question of fees.

A Word of ClarificationMy blog post below has struck a chord with some of you. As a Vanguard blogger, I am charged with sharing my personal and professional perspectives on issues facing investors. The post, prompted by a discussion … Read more

Vanguard is not an insurance company, but that doesn’t mean we don’t appreciate the potential value that some see in having a guaranteed income in retirement.
In fact, you may have heard that Vanguard recently introduced Vanguard Annuity Access™, … Read more

The current economic recovery is weak, but that’s hardly news. There are many explanations for this meager improvement, but perhaps one of the most telling is a large jump in personal savings in the United States.… Read more

I can’t sing a lick, but a tune from the Rodgers and Hammerstein musical South Pacific came to mind as I was thinking about the pervasive pessimism in so much economic and market commentary.… Read more

I’m often asked what I think about the “4% rule” for spending in retirement. According to this rule of thumb, an individual who is planning on a 30-year investment horizon and is holding a broadly diversified and balanced investment portfolio … Read more

For those of you who watch or have heard of the hit series “Mad Men,” you’ll know that the show provides an interesting story line, some fascinating characters, and great commentary on the social mores and gender differences of the … Read more

We’ve been hearing a lot about gold over the last few months, related to concerns about inflation, the creditworthiness of various governments, and fallout from the financial crisis—all against the backdrop of what is the most significant increase in inflation-adjusted … Read more

The other day, I was preparing to record a podcast for Vanguard.com on life events and asset allocation. I decided to veer away from the predictable “retirement is a life event” theme and concentrate on marriage, children, and divorce as … Read more

Ask a Vanguard investor about what it takes to be successful at saving for retirement, and he or she would probably tell you to start saving early, save as much as you can, invest in a low-cost diversified portfolio, and … Read more

We at Vanguard educate, cajole, and opine everywhere on the importance of keeping your investment portfolio diversified and matched closely with your risk profile. We should be saying more about just where you’re keeping those investments.… Read more

In June 1997, Chicago Tribune writer Mary Schmich penned a now-famous column titled “Advice, like youth, probably just wasted on the young.” In short, the column served as the speech that Ms. Schmich would give if she were asked to … Read more

I’ve never heard this discussed by men, but some women carry the worry that they will end up old and alone, with no money and no home. It’s not generally ever-present, but rears up as reports on foreclosures, unemployment, plant … Read more

For many years, the government has published statistics on Americans’ age and employment. A version of that data is shown in the chart below. My sense is that these figures are the basis for much of the conventional wisdom on … Read more

Do you have a tax refund coming? Some would say it means you over-withheld and should have paid less last year. Others look at it as a non-interest-bearing savings account. I’d look at it as an opportunity to improve your … Read more

Another tax filing season has come to an end. You might have used an online service like TurboTax, enlisted the aid of a tax professional, or, as some of us still do, used paper and pencil and good old-fashioned arithmetic.… Read more

Now that Roth IRA conversions are available to people who previously hadn’t been eligible, there’s been quite a spike in coverage. However, the spotlight should probably be focused more on those who can have a Roth, but as yet do … Read more

While I have been publishing research for many years, I consider myself new to the blogosphere. So I was a little surprised when my recent post on a new 401(k) rating service, Brightscope, elicited some response, including a critique… Read more

I had the chance to listen to Dan Heath recently. He’s the coauthor, with his brother Chip, of Switch, a new book about making changes. I’d read their last book, Made to Stick, and thought their conclusions were … Read more

401(k) accounts are typically among the largest assets held by middle- and upper-middle-income households in the United States. So naturally they draw a lot of attention—in the marketplace, in the media, and in Washington. The government, for example, is proposing … Read more

Given all the back and forth in Washington these days, with policy meetings and dramatic proposals to revolutionize retirement, I’ve got retirement-income solutions on the brain. So here’s a modest proposal for providing “Retirement Income Security for All.”… Read more

I’ve been watching the U.S. consumer savings rate climb. It’s been heartening to witness the ascent past 5% on its way to perhaps 7%. Any way you look at it, this is a welcome—if not critical—change in our financial/economic behavior.… Read more

Several years ago at a speech in New York, I warned that “a future President Clinton or McCain would face a daunting budget challenge from population aging.” My political forecast was off, but my economic and demographic forecast is unchanged.… Read more

I occasionally participate in webcasts, taking questions from Vanguard investors on various financial topics. Almost invariably, someone asks about reverse mortgages. Should they or shouldn’t they? How do they work? And are they legitimate?

A long habit of cutting articles from newspapers and magazines has left me with several boxes of clippings, only some of which have been sorted into files. On a clean-up crusade, I’ve spent more than … Read more

Anytime I forget something, I rationalize that what I’m really doing is clearing out space to allow new information to be stored in my brain. It’s a bit like cleaning off my desk or deleting cookies from my computer.… Read more

It’s still early in the new year, and there’s lots to worry about in the investment domain and in the broader world. But one item tops my “worry list” for 2010: interest rates. And it’s hard to decide which is … Read more

Here’s a pretty simple chart showing hypothetical investment results for two hypothetical investors. Each of them saved $2,500 a year for 25 years, using investment strategies that delivered identical 7% rates of return each year. After 25 years, one investor … Read more

The federal tax on transfers of wealth from estates has been with us since the passage of the Revenue Act of 1916, although there were similar temporary levies around the time of the Spanish-American War. This tax came to an … Read more

Commentators almost seem to have been competing to coin the catchiest—or most negative—label for the ten years from the end of 1999 to the end of 2009. It’s not surprising that some have called it the “Decade from Hell,” given … Read more

Are Americans becoming more thrifty? Personal savings rates are up, the government statistics tell us. This fact has engendered a wide-ranging debate. Is this just a short-term deviation from America’s obsession with spending, or is it a permanent change?

Twitter

About

At Vanguard, we’ve always believed in candid, direct communication with investors. In fact, it’s one of our core principles. In 2009, we created the Vanguard Blog so that we could talk about what’s happening in our industry and in the economy—and hear what’s on the minds of investors like you. More

Connect with Vanguard®

Visit vanguard.com or contact your broker to obtain a Vanguard ETF or fund prospectus which contains investment objectives, risks, charges, expenses, and other information; read and consider carefully before investing.

Vanguard ETF Shares are not redeemable with the issuing Fund other than in Creation Unit aggregations. Instead, investors must buy or sell Vanguard ETF Shares in the secondary market with the assistance of a stockbroker. In doing so, the investor may incur brokerage commissions and may pay more than net asset value when buying and receive less than net asset value when selling.

Investments in bond funds are subject to interest rate, credit, and inflation risk.

Diversification does not ensure a profit or protect against a loss in a declining market.

Stocks of companies in emerging markets are generally more risky than stocks of companies in developed countries.

An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although a money market fund seeks to preserve the value of your investment at $1 per share, it is possible to lose money by investing in such a fund.

All investing is subject to risk, including possible loss of principal.